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Victoria (VCP) investor relations material
Victoria H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary17 Dec, 2025
Executive summary
Revenue declined 7% year-over-year in H1 to £528.7m, mainly due to lower volumes, but EBITDA improved to £53.5m (10.1% margin), with margin expansion driven by cost-saving initiatives despite challenging demand.
Management executed significant cost-saving and margin improvement initiatives, with further savings targeted through FY27.
Demand remains 20%-25% below long-term trends, but an improving top-line trend was observed through H1 and is expected to continue.
Board remains cautious on near-term outlook due to macro volatility, inefficiencies in Belgian operations, and Rugs division transition.
Focus remains on delivering EBITDA initiatives, deleveraging, and rebuilding credit rating.
Financial highlights
Underlying EBITDA rose to £53.5m (10.1% margin), up from £50.2m (8.8% margin) in H1 FY25.
Net debt stands at £1,003.9m, with leverage at 8.6x; refinancing extended maturities, with next major maturity in 2028.
Free cash flow before CapEx and reorganization was £8.1m; CapEx for H1 was £25m, with annual guidance reduced to £50-55m.
Statutory net loss after tax of £139.4m, mainly due to exceptional costs from Rugs reorganisation and refinancing.
Pre-tax loss: £15.4m, compared to £13.6m loss in H1 FY25.
Outlook and guidance
Management remains cautious due to macro volatility and operational inefficiencies, especially in the Rugs division.
Further cost savings and margin improvements are targeted, with EBITDA initiatives on track for FY27.
CapEx guidance reduced to £50-55m per annum; working capital savings of £40m and additional property sales of £20m+ targeted over the next 18 months.
Positive revenue and margin growth expected in UK H2; Rugs division targeting breakeven in H2 and profitability in FY27.
Volume and pricing expected to recover as interest rates ease and confidence returns.
How will Balta Rugs reorganization be funded
V4 project: replacement or incremental capacity
Koch preferred share conversion impact on balance sheet
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Frequently asked questions
Victoria Plc designs, manufactures, and distributes flooring products including carpets, tiles, underlays, and luxury vinyl flooring. The company serves residential and commercial markets across Europe, the United Kingdom, and Australia through a network of distributors and retailers. The company is headquartered in Kidderminster, United Kingdom, and its shares are listed on the LSE.
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